Oxhead Alpha and Tezos Help California’s Motors Department Implement Blockchain for Record Keeping
California’s Department of Motor Vehicles intends to adopt blockchain technology for record keeping, which will include the issuance of vehicle ownership and facilitate the exchange of such ownership.
According to a recent story published by Fortune, the Department of Motor Vehicles (DMV) has used a private fork of Tezo’s blockchain. Tezos is an open source blockchain that can perform peer-to-peer payments and act as a system for distributing smart contracts.
This action is being taken due to an agreement between the California Department of Motor Vehicles (DMV), blockchain software company Oxhead Alpha and Tezos. On January 25th, they revealed (1) the successful implementation of a proof-of-concept blockchain-based car title system.
California Department of Motor Vehicles (DMV) chief digital officer Ajay Gupta expressed his optimism that plans to update the title data on the blockchain will be realized within the next three months. After that, the government plans to develop apps aimed at the general public, such as digital wallets that can contain NFTs for cars.
According to what is being reported, Gupta stated that “the DMV’s attitude towards falling behind should certainly change.”
Potential uses and benefits of blockchain in record keeping
Car titles are a potential application for blockchains, capable of keeping a distributed and secure record of data although there are many other applications for blockchains.
In 2020, a Cleveland-based startup raised $5 million to computerize car titles. That same year, the state of California published a report identifying possible pilots for blockchain, with the Department of Motor Vehicles as one of the options. Both of these incidents occurred in California.
Gupta claimed that they had started working on the project in 2020, but due to the pandemic, they were forced to end work on the project. However, he stated that the agency has a chance to update its procedures to use digital accounts to generate vehicle titles and transfer car titles.
In addition, Andrew Smith, the president of Oxhead Alpha, claimed that the use of blockchain technology would help solve problems such as transaction fraud and tracking the whereabouts of cars.
In a corporate network, it can be made easier to document transactions and keep track of assets using blockchain, a distributed and immutable ledger. Blockchain’s ability to guarantee the accuracy and security of data records is one of the most important benefits offered by this technology.
According to what has been reported, a member of the United States House of Representatives named French Hill has stated that he intends to promote a forward-looking digital asset regulatory framework to ensure that “America is the place for progress in fintech and blockchain.”
The World Economic Forum (WEF) expressed its belief, as evidenced in a study published earlier this month, that blockchain technology will be an “integral” element of the modern economy. The organization emphasized the many uses of cryptography and blockchain technology and added that their use in the financial sector is already remarkable.
